Stock Market to Reopen Monday

Concern for safety and logistics will keep equities markets closed through Friday.
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The markets will wait until Monday.

Concerned about the safety of employees as well as the logistics of reopening trading without thoroughly testing communications systems, the

New York Stock Exchange

, the

American Stock Exchange

and the

Nasdaq

stock market will resume trading on Monday, Sept. 17 at 9:30 a.m. EDT.

NYSE Chairman and CEO Richard Grasso said the decision has the support of all exchange members and was made together with leadership of the Amex and Nasdaq. "I have had an opportunity to talk to all the major firms," Grasso said at a news conference in midtown Manhattan. "We have also taken into account very, very serious issues regarding the recovery efforts at the World Trade towers."

The NYSE has been closed since Tuesday when two hijacked planes crashed into the World Trade Center towers, causing a fireball that collapsed the towers and killed thousands. Both the NYSE and Amex are less than five blocks from the terror's epicenter. Many member firms of both exchanges had offices in the former towers. The four-day closure is the longest since Franklin D. Roosevelt closed the markets during the Great Depression.

The human issues weighed heavily in the decision. "Considering all of the issues, the human issues of those that we hope by the grace of God will be found alive... we have determined that the right thing to do for America and certainly for those that are in the middle of this great tragedy is to resume trading at 9:30 a.m. Monday morning," Grasso said.With a number of buildings near the World Trade Center still unstable, the logistics of moving people around the wreckage to the exchanges will be a challenge. However, Grasso said New York City officials have been helpful and encouraging in preparing the exchanges for Monday's open. "We had a very positive report from the city," Grasso said.